Secured Credit Cards – What Kind Are There?
With a bad credit report, you may find a bit difficulty to get a new card, but this does not mean you will never able to get a credit card. In recent days, many banks and financial institutions have started offering credit cards even to people with bad credit. Thus, this is another opportunity for you to reestablish your poor credit ratings. Kinds of Cards: Generally, banks offer these cards in two different forms such as secured credit cards and unsecured credit cards. For secured cards, you will have to deposit a sum ranging from hundred to thousand dollars as collateral for your personal credit limit. Your personal line of credit is one hundredth of your total deposit, only after which the bank will issue a credit card along with your spending limit corresponding to your line of credit. If you fail to repay the credit balance, the bank will either seize your money deposited in the account or your pledged collateral. Sometimes, you may get good interest on your deposited money, but y
